Physix FrontierPhysix Frontier · News Briefing Card (IT Home · Oct 13, 2026)
DeepSeek second round to rise to about 100B yuan, pre-money valuation about 500B yuan
KEY FACTS
- DeepSeek's second funding round is nearing completion, with the planned raise increased from 50 billion yuan to about 100 billion yuan.
- The pre-money valuation for this round is about 500 billion yuan, and the doubled raise did not push up the valuation.
- New and existing shareholders are each expected to contribute about half of the investment, with new entrants mainly industrial investors.
- CATL plans to add about 10 billion yuan in this round, after contributing about 5 billion yuan in the first round.
- DeepSeek has hired CITIC Securities to prepare for a STAR Market listing, targeting a 2027 debut.
KEY DATA
about 100 billion yuanPlanned raise this round
about 500 billion yuanPre-money valuation
about 10 billion yuanCATL planned additional investment this round
about 51 billion yuanFirst round funding size
PHYSIX OBSERVATION
The raise doubled while the valuation stayed flat, which shows money is plentiful but pricing power remains with the company. The new entrants are uniformly industrial capital from chips, autos and other sectors; DeepSeek is clearly seeking backing for compute and deployment, not simply cash. Combined with the STAR Market preparation, this round looks more like shareholder-structure cleanup ahead of an IPO. Ordinary users will not feel any change in the short term, but the capital threshold for domestic large models has been raised to the hundred-billion-yuan level.
Source: IT Home report